KANSAS CITY, MO--(Marketwired - Sep 6, 2013) - According to the recent Time article, "Why the Improving Economy Has Done Nothing for Retirement Saving," more and more Americans between the ages of 50 and 64 are saving less for retirement than they did a year ago despite the improving economy. Ron Sanders, CEO of ONE Retirement, addressed the issue.
Sanders said, "Unfortunately, 95 percent of Americans have not saved enough during their 40 years of working to adequately fund their 20 to 30 years of retirement. Sadly, 34 percent of Americans have saved nothing for retirement. Most people simply don't understand that their future retirement income is a liability that must be funded. Very few have calculated what it would take to fund their future retirement income."
Sanders added that those planning to retire can start with the basics. "Spending less money than is earned, avoiding debt and saving the first 15 percent of pay is a good start. After savers have the basics down, they can focus on planning the details of the retirement and finding out the exact numbers they will need to avoid outliving their savings. Once future retirees have these fundamentals and have spent a little time planning, they can get on track and stay on track for a successful retirement," said Sanders.
According to Time, in the past year, the unemployment rate has fallen to 7.4 percent from 8.2 percent, housing prices have risen 12 percent and the average stock has returned 20 percent. But only 18 percent of Americans are saving more than they did a year ago, 17 percent are saving less and 54 percent are saving the same, as reported by a Bankrate survey. Surprisingly, a staggering 21 percent of employed pre-retirees are saving less than they did a year ago.
ONE Retirement, LLC is an independent registered investment advisory firm based in Overland Park, Kan. with a history of providing investment services to institutional investors, private companies and affluent families. Like ONE Retirement on Facebook, follow the company on Twitter or read the blog for more information about retirement planning tips and free white papers, webinars and resources.